How to Put a Price on Marketing…
It doesn't take a rocket scientist to know that when you have a business, no matter what it is, advertising your business is important and a key factor in keeping a business alive.
There are over 101 ways to market your business and to do it successfully is, no doubt, a full time job. By now, whether you have just started your company or have been in the industry for years, you have realized that the “monster of all marketing” in today’s world is Social Media.
Social Media Marketing is not only important, it’s necessary. And if you haven’t been to our website yet, it can (and in most cases should be) outsourced. Isn’t it also the wave of the future to outsource everything anyways… that’s another post for another day.
But we have already gone over what you should be doing on your Facebook, Twitter, and Instagram and how
The Social Movement can help. But how much should it cost? How much should you pay for Social Media Marketing?
I will start with what you “shouldn’t” pay for. I say “shouldn’t” because if this is what you focus on and think that the more money you throw at it, the more successful it will be, you may be very disappointed. Im talking about SEO: Search Engine Optimization. You can pay a large amount of money for SEO but guess what? So does everyone else. Explain this- if you and 5 million of your competitors are paying the same amount of money to be at the top of Google, when anyone searches for something relevant to your business, who will really be on top? Who will even really be in the top 10? I don’t have an answer for you, nor do I have the secret to being an SEO master. What I do have is my proven observation of how having a successful, complete, and consistent Facebook page improves SEO. Using trending hashtags improves SEO. Being a Social Media master improves SEO. I’m not saying that SEO isn’t important to a business, just be careful of what you are paying for vs. what you expect your results to be.
And that holds true in all aspects of marketing; what you are paying for vs. what you expect the results to be. The second piece to this math problem; how much you pay for outsourcing vs. what you would pay a full time employee. For example, The Social Movement (the outsource) is $500.00 per month. That breaks down to roughly $100.00 per week. Divide that by 5 working days, that’s $20.00 per day. Divide that by an 8 hour work day, that’s $2.50 per hour. Obviously you can’t hire a full time employee to manage your Facebook for $2.50 an hour. That’s illegal.
“If I outsource, what will the quality of work be?” “Is The Social Movement really going to increase my Social Media presence?” With marketing, it’s important to remember, quantity does not always equal quality. To feel comfortable with hiring a Marketing company, you need to analyze what they are promising and what is really realistic. It would be hard for an SEO Company to promise your business one of the top 3 spots on Google and actually deliver. But know this, anything Social Media related can be tracked, and analytic reports are crucial in looking at where your business was and how far it has come. Any marketing company that is confident in their service, will have no problem showing you the results of hiring them. At least, The Social Movement has no problem doing that ;)
So how do you put a price on Marketing? Just like any other business decision. You look at the benefits and the cost. You research what you will be paying for. You feel confident with the choice you made by analyzing the results. And just like The Social Movement’s clients, you realize how necessary Social Media Marketing is and how reassuring it is that you have a company that will take care of it for you.